HDB provided a quick update of the condition of the resale market in May 2019.
The resale price index (RPI) decreased by 0.3 per cent to reach 131.0 in the first quarter of 2019 as compared to an RPI of 131.4 in the last quarter of 2018.
The volume of resale transactions has also gone down. It decreased 14.2 per cent from 5,637 transactions in the final quarter of 2018 to 4,835 transactions in the first quarter of 2019. In comparison to data for the first quarter of 2018, however, the transactions for the first quarter of 2019 were 8.5 per cent higher.
Median resale price varies from one property to another. The most expensive four-room flats, for example, are located in Queenstown. There, the average is 720,000 dollars. The priciest five-room flats are located in Toa Payoh where the average is 818,000 dollars.
As far as the rental market goes, approved applications for renting out HDB flats went up 2.6 per cent from 11,479 approved applications in the final quarter of 2018 to 11,755 approved applications over the first three months of 2019.
Approved applications are almost unchanged on an annual basis – a decrease of 0.5 per cent in comparison to data for the first quarter of 2018. There were 57,764 HDB rented out flats in the period ending on March 31, 2019. This number is 1.8 per cent higher in comparison to data for the first quarter of 2018.
Median rents are quite diversified, depending on the size of the property and its location. The average for two-room flats is in the 1,400 to 1,600 dollars. The priciest rentals for three-room flats are available in the Central location (2,150 dollars) while the most affordable rentals are available in Woodlands (1,400 dollars).
Four-room flat rentals come in the range from 1,700 dollars in Choa Chu Kang to 2,700 in the Central town. For five-room flat rentals, the price range is from 1,800 dollars in Choa Chu Kang and Woodlands to 2,800 dollars in Bukit Merah and Queenstown.